Inflation rate in Nigeria surged to 33.20% during the month of March

According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate experienced a rise to 33.20 percent in March 2024, marking an increase of 1.50 percent compared to the previous month’s rate of 31.70 percent.

This information was revealed in the March Consumer Price Index and Inflation report published by the NBS.

When considering the year-on-year basis, the headline inflation rate for March 2024 stood at 11.16 percent, which is significantly higher than the 22.04 percent recorded in March 2023.

This indicates a substantial increase in the headline inflation rate when comparing the same month of different years.

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Additionally, on a month-on-month basis, the headline inflation rate for March 2024 was 3.02 percent.

It is worth noting that this figure is slightly lower by 0.10 percent compared to the rate recorded in February 2024, which was 3.12 percent.

This implies that the rate of increase in the average price level in March 2024 was slightly slower than the rate observed in the previous month.

It is important to highlight that this is the eighth time the inflation rate has risen since President Bola Tinubu’s administration began on May 29, 2023.

This indicates a recurring trend of increasing inflation rates during this period.